Jul 31, 2018

GE keeps shrinking, as it seeks to offload digital assets

lllustration: Lazaro Gamio/Axios

General Electric wants to sell "key parts of its digital unit," according to The Wall Street Journal.

Thought bubble: At this point it's a wonder that ex-GE CEO Jeff Immelt isn't blind, given all the fingers stuck in his eyes by successor John Flannery.

In just the past few months GE has agreed to sell its:

  • Railroad unit for $11 billion to Wabtech.
  • Gas engines unit for $3.25 billion to Advent International
  • Healthcare IT unit to Veritas Capital for $1.05 billion.

GE also still has its iconic light bulbs business on the block, and now comes news of the digital sale plans — although unclear what specific assets are on the block, as GE reportedly wants to keep providing software and tech services to its aerospace and power clients.

More from the WSJ:

"In the fall of 2016, GE acquired several companies to bolster its GE Digital unit. It paid $495 million for Meridium, whose software predicts when machinery might fail, and $915 million for ServiceMax, whose software helps with inventory management and workforce scheduling... But the unit, which GE poured billions into, competes in an increasingly crowded marketplace of companies offering digital tools to control major industrial operations."

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  1. Global: Total confirmed cases as of 9 p.m. ET: 857,487 — Total deaths: 42,107 — Total recoveries: 178,034.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 9 p.m. ET: 188,172 — Total deaths: 3,873 — Total recoveries: 7,024.
  3. Business updates: Should you pay your rent or mortgage during the coronavirus pandemic? Find out if you are protected under the CARES Act.
  4. Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with underlying health conditions are more at risk, new data shows.
  5. Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
  6. U.S.S. Theodore Roosevelt: Captain of nuclear aircraft carrier docked in Guam pleaded with the U.S. Navy for more resources after more than 100 members of his crew tested positive.
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Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus pandemic is the "greatest test" the world has faced together since the formation of the United Nations just after the Second World War ended in 1945, UN chief António Guterres said Tuesday.

The big picture: COVID-19 cases surged past 856,000 and the death toll exceeded 42,000 Tuesday, per Johns Hopkins data. Italy reported more than 12,000 deaths.

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President Trump said at a press briefing on Tuesday that the next two weeks in the U.S. will be "very painful" and that he wants "every American to be prepared for the days that lie ahead," before giving way to Deborah Birx to explain the models informing the White House's new guidance on the coronavirus.

Why it matters: It's a somber new tone from the president that comes after his medical advisers showed him data projecting that the virus could kill 100,000–240,000 Americans — even with strict social distancing guidelines in place.

Go deeperArrowUpdated 3 hours ago - Health